Regulatory Alerts2019-04-30
CVM Resolution No. 818 of April 30, 2019
The Brazilian Securities and Exchange Commission (CVM) issued Resolution No. 818 to exempt registered public distribution offers from the requirement of prior CVM approval for advertising materials. This experimental measure mandates that issuers submit such materials to the regulator within one business day of use, ensuring that advertising coincides with or follows the disclosure of preliminary or final prospectuses. The resolution aims to enhance market efficiency and reduce compliance costs while maintaining investor protection through post-use monitoring and existing suspension mechanisms.
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